Question

Rs. 9000 for 2 years 4 months at 10% per annum is compounded annually. Find the total amount after the time period.

Answer 1

Answer: rupees 2253

Step-by-step explanation:

Present value = Rs.9000

Interest rate = 10 % per annum

Time = 2 years 4 month = (2 + 1/3) years = (7/2) years

Amount (A) = P (1 + R/100)n × [1 + (1/3 × R)/100]

Where, P = Present value

R = Annual interest rate

n = Time in years]

∴ A = 9000 (1 + 10/100)2 × [1 + (1/3 × 10)/100]

⇒ A = 9000 (1 + 1/10)2 × [1 + 1/30]

⇒ A = 9000 (11/10)2 × [31/30]

⇒ A = 9000 × 121/100 × 31/30

⇒ A = 9 × 121 × 31/3

⇒ A = 3 × 121 × 31

⇒ A = 11253

∴ Amount = Rs.11253

∴ Compound interest = Rs.(11253 – 9000)

= Rs.2253

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